CIMA Subjects and Syllabus 2026 — Complete Guide to All Papers
A complete guide to the CIMA syllabus 2026: all subjects across Certificate, Operational, Management, and Strategic levels — including case study exams and what each paper covers.
CIMA Syllabus 2026 — Overview
The CIMA qualification is structured across four levels, each building on the last to take you from foundational accounting through to strategic management accounting and business leadership. Here's a complete guide to every subject and what it covers in 2026.
Certificate Level (Entry point for beginners)
The Certificate Level covers the fundamentals of business and accounting. It's typically exempt for B.Com graduates.
| Paper | Subject | Key Topics |
|---|---|---|
| BA1 | Fundamentals of Business Economics | Microeconomics, macroeconomics, business environment |
| BA2 | Fundamentals of Management Accounting | Costing, budgeting, decision-making |
| BA3 | Fundamentals of Financial Accounting | Financial statements, double-entry, basic reporting |
| BA4 | Fundamentals of Ethics, Corporate Governance and Business Law | Ethics, governance principles, basic law |
Operational Level
Operational Level introduces the three pillars of CIMA: Enterprise (E), Performance (P), and Financial (F) — a structure that continues through all remaining levels.
| Paper | Subject | Key Topics |
|---|---|---|
| E1 | Managing Finance in a Digital World | Digital technology in finance, data analytics, organisational structure |
| P1 | Management Accounting | Costing systems, budgeting, cost-volume-profit analysis |
| F1 | Financial Reporting | Financial statements, group accounts, IFRS fundamentals |
| OCS | Operational Case Study | Integrated case study applying E1, P1, F1 in a business context |
Management Level
| Paper | Subject | Key Topics |
|---|---|---|
| E2 | Managing Performance | Strategy, project management, change management |
| P2 | Advanced Management Accounting | Advanced costing, decision-making, risk and uncertainty |
| F2 | Advanced Financial Reporting | Complex group accounts, financial instruments, current issues in IFRS |
| MCS | Management Case Study | Integrated case study applying E2, P2, F2 |
Strategic Level
The final and most advanced level — where Indian CAs and ACCA members enter directly.
| Paper | Subject | Key Topics |
|---|---|---|
| E3 | Strategic Management | Corporate strategy, competitive advantage, innovation, leadership |
| P3 | Risk Management | Enterprise risk management, financial risk, treasury, hedging |
| F3 | Financial Strategy | Capital structure, mergers and acquisitions, valuation, dividend policy |
| SCS | Strategic Case Study | Integrated case study applying E3, P3, F3 at board/CFO level |
The Case Study Exams Explained
At each level, the three objective tests (E, P, F) are followed by a Case Study exam. These are the defining feature of CIMA — they test your ability to apply knowledge in a realistic business scenario, not just recall theory.
- Case studies are held four times a year (February, May, August, November)
- Each case study is based on a pre-seen company provided 6 weeks before the exam
- The exam is 3 hours (OCS/MCS) or 3.5 hours (SCS)
- You must pass all three objective tests at a level before sitting its case study
CIMA Exam Format
- Objective tests: 90-minute computer-based exams at Pearson VUE centres. Available on-demand year-round. Multiple choice and short answer. Pass mark: 60%
- Case study exams: 3–3.5 hour exams, quarterly sittings. Scenario-based, written responses. Pass mark: 60%
Learnsignal covers all CIMA levels with expert video tuition, mock case studies, and structured revision plans. Explore our CIMA courses and start studying today.
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